59: How to Predict & Duplicate Your Business
AUDIO VERSION ONLY:
I want to begin this episode by asking you a few very important questions.
How much money are you worth per hour?
Do you have a clue as to how much money you are worth per hour?
Do you really and i mean really know how much money you earn for every working hour?
If you do not know that it would be very safe for me to assume that you either do not really care for your business or you really have a broken business and I want to help you fix that today.
How much money you earn per working is just one number I want you to know about you and there are other numbers that I want you start tracking so you can predict and duplicate your business month in and month out.
Let me give you an example.
One of my one on one coaching clients is Kathleen and for her specifically she takes a new listing for every 154 people she speaks to and so it was time to plan the her 4th quarter goals, it was very simple to do so, all i asked her was Kathleen how many new listings do you want to take in the 4th quarter and her response was 11, so I took the number 11 and I multiplied that by 154 and I said to her okay than you have to make 1694 contacts, I know this seems like a huge number but wait a minute here its not as bad as you make it out to be cause I went to ask her the next question and that was how many days are you going to work in the last quarter and she said 66 days so i went ahead and did the math by taking the 1694 contacts and divide that by 66 and now we know that this is only 25 daily contacts, that is it.
See the power in that, she now knows that if she does her 25 contacts each day she will reach her goal by the way she will earn about $150,000 on those 11 new listings so lets just go a bit further with those numbers $150,000 decided by 1694 contacts, this means that she will be earning about $89 for every contact she makes.
Now this about that one for a moment, what if you knew beyond a shadow of a doubt that you will make $89 for every person you call not what the outcome was going to be, example, you call on an expired and they hang up the phone on you in the 1st second, you will make $89 for that, now that is insane but that is a reality for lots of people and we want to make that a reality for you and that will only become your reality when you develop the habit and develop the discipline to keep track of your business numbers so you can begin to have the ability to predict and duplicate your numbers.
Now that you know why it is so important to keep track of your numbers the question becomes, Chadi, what numbers should I be tracking?
Here are the numbers that I ask my one on one coaching clients to keep track of on a daily basis:
Days worked
Hours prospected
Contacts made
Listing appointments set
Listing appointments done
Listings taken
Listings sold
Buyer appointments
Buyer sales
Closed transactions
Income earned
Now you are going to be keeping track of these numbers but before you start keeping track of these numbers you have to understand that you must first set a goal for each of these numbers.
Let those goals be for an entire year.
Once you have your goals set for each of those categories and When you start to keep track of these numbers than you can follow a few simple mathematical formulas to calculate your averages and these are the averages that you want to monitor in your business.
You want to calculate and know the following.
Hours prospected per day
Contacts per day
Contacts per hour
Hours prospected to listing appointment done
Contacts to a listing appointment done
Hours prospected to a listing taken
Contacts to a listing taken
Closing ration on listing appointments
Closing ration on buyer appointments to a buyer sale
Income generated per contact
Income generated per hour prospected
WoW … All I have to say is that when you know all of these numbers you are going to start to have more certainty about your business and you will in any given day be able to set a goal and know a specific number that you have to get working on to reach the goal.
By the way I am in the process right now of reconfiguring a super easy tracking form to help you with better keeping track of all these numbers and I will be making that available for download really soon so if you want a copy of it make sure that you a re subscribed to my newsletter by going to www.ChadiBazzi.com/about and enter in your name and email address and I will let you know as soon as that is ready for download.
That is it for today.
How much money are you worth per hour, hopefully a lot, when you know what that number is I would love it if below this video you leave that in the comment section.
Take care.
Chadi
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